Africa’s combined population is more than one billion; with a combined GDP (real) of $2.2 trillion and GDP (PPP) per capita is $2,200.
However, Africa’s combined potential wealth value, based on its endowed natural resources, is more than $100 trillion, which is bigger than the aggregate wealth value of South and North America and Europe, but 65% of the African population still lives on less than $2.00 a day, while only about 15% of the population earns decent salaries of more than $100,000 a year.
We are developing Groot Town Center (GTC) in the Tsumeb, Namibia area, which is being developed as an upscale multifarious community with a development budget of $800 million. GTC is being developed to be the next best place to shop, work, live and play in the Tsumeb area.
While we estimate to have a great number of overseas tourists as the prospective patrons for GTC, the majority of GTC customers are expected to come from the SADC region, whose combined population is 257.7 million (2010) with more than $471.1 billion of aggregate GDP and a potential wealth value of more than $65 trillion. While still 45% or 116.0 million of the SADC population lives on less than $2.00 a day, 15% or 21.3 million of them earns annual salaries of more than US$100,000 with a gross buying power of about $2.1 trillion.
According to Namibia Tourism Board, Namibia’s tourist industry is growing at an average rate of 13% annually. In 2008, 981,111 tourists visited Namibia, while in 2009, the number decreased to 980,173, with 73% of them coming from Africa, namely from Angola, South Africa, Zimbabwe and Zambia. German tourists also ranked high in number.
Angolan tourists alone spent an average of $417 million in retail outlets in Namibia. Based on the historical inflow of tourists, within three years of the GTC opening, we project more than 55,000 visitors each day at Groot Town Center.
Since GTC will be composed of only retail store outlets and facilities that offer superior quality and luxurious products and services, our targeted customers are generally 15% or 21.3 million of the SADC population plus overseas tourists, which would make up about 55,000 daily visitors to GTC.
The individual annual incomes of the stated number are in the income bracket of $100,000, and their combined annual income is about $2.1 trillion.
Out of that number of visitors, we estimate each visitor to GTC to spend an average of $250 per visit, which comes to about $13.8 million a day or $5.0 billion a year, that’s the estimated total revenue for the GTC tenants.
Some of the wealthiest and highest paid individuals with a combined annual average income of about $2.1 trillion generally travel to foreign countries outside Africa where they own properties.
They generally do not spend their time and money in Africa with the exception of South Africa, where they also own properties. Therefore, the need for the development of GTC as an alternative to the foreign investment destination is paramount. With our global connections, anchor partners, and investors, we plan to develop GTC in order to exceed their selective expectations.
For Africa to realize a robust and sustained economic growth equivalent to that of the US and Europe, it needs to grow at least by 600% annually within the next 10 years.
We are at the forefront of leading to a robust economic revolution with a rapid industrial ecosystem model that will create powerful economic ripple effects to spread throughout Namibia’s and each of the target economies.
Consider setting up your retail shop and or invest at GTC in Namibia. Visit our company at grootgroup.com for more information.